Study charts population demographics of world's largest economies

A recent study published by Bloomberg LP shows how three of the richest economies in the world are aging over time.

The study, written by Michael McDonough, Chief Economist at Bloomberg, compares demographic trends in Japan, China and the United States. Using data charted in demographic pyramids, the study visually shows the differences in demographic emphasis in past, present and projected populations.

In 1990 Japan’s workforce was predominantly in its 40s, but now there is a large proportion of Japanese people over 60, and in 2050 there will be a great deal of people over 70. Teenagers will become a proportionately smaller and smaller part of the population towards 2050. Japan has suffered from stagnant economic growth since the 1990s.

China is undergoing a similar process, but it had a much younger population to begin with, so will have a population more weighted towards workers in their 40s by 2050.

The United States, however, maintains a relatively even proportion of its population in each age cohort up to and including middle age - largely because of immigration.

Michael McDonough described the charts as ‘very telling’.

Age demographics are particularly important with respect to policymaking, as a large proportion of young people in a population provides a plentiful supply of relatively inexpensive labor that can help to power economic growth.

Read more here.

Related article on demographic trends:
Can government policies reverse undesirable declines in fertility? by Elizabeth Brainerd